Emerging Markets

Political Hope, Market Reality

Whether the politics are democratic or dictatorial, markets mostly care about economic execution.

Investors in India and Indonesia have been rewarded handsomely this year after electoral victories, respectively, by Narendra Modi and Joko Widodo, new leaders from humble backgrounds who carry messages of hope and reform. Thai politics is very different, but the Thai SET Index advanced about 10% after a May 22 military...